Credit Cards Center Credit cards from our partners
Reply
Frequent Contributor
Posts: 283
Registered: ‎10-02-2012
0

Chexsystems?

I was talking to a CU and was told that they run chexsystems when joining the CU. What's the worst that can happen if I were to show up in chexsystems, just be denied membership? I'm not sure if I'm in or not, but I'm just curious. Also when someone runs you through chex, that's not an inquiry is? Excuse the ignorance lol

AE CC: $1,050 | AEO Visa: $1,890 | Cap1 QS: $2,100 | Chase Freedom: $1,000 | Citi Forward: $1,500 | Citi Double Cash: $1,000 | Discover iT: $500 | GameStop: $1,650 | Overstock: $1,700 | PayPal Smart Connect: $1,500 | Walmart $2,200

TU (Discover): 663 | EQ (Citi): 651
Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
0

Re: Chexsystems?

Yes if you show up in the chexsystem then you could be denied for membership. 


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
Find Me: Gardening
Contributor
Posts: 144
Registered: ‎05-23-2011
0

Re: Chexsystems?

You can pull your report for free. Just Google it and request your report. Research them here first because they will ask you for info that they really don't need. Chexsystems keeps info on checks and bank accounts. If you have written a bad check or burned a bank or credit union in the last 5 years it be reported from them. They will give you your report but they mail it to you. Takes about 2 weeks. Just switched banks and pulled all reports ( ie chexsystems, lexisnexis, telecheck) to be sure I wouldn't be declined.

Starting Score: 585
Current Score: TU 734 Walmart EQ 704 FICO EX 721
Goal Score: 750 Across the board


Take the FICO Fitness Challenge

Established Contributor
Posts: 873
Registered: ‎03-16-2012
0

Re: Chexsystems?

[ Edited ]

WallyxD wrote:

I was talking to a CU and was told that they run chexsystems when joining the CU. What's the worst that can happen if I were to show up in chexsystems, just be denied membership? I'm not sure if I'm in or not, but I'm just curious. Also when someone runs you through chex, that's not an inquiry is? Excuse the ignorance lol


if you're on chexsystem, you will most likely get denied for membership... i am on chexsystem the last five years and it will be finally gone this july 2013.... i have never been able to open a bank account with the exception of chase... they only did a soft pull on my EX and never checked if i'm on chexsystem (i ordered my chexsystem report and there was no inquiry from them)...guess i got lucky.... so yea, it only happens if you wrote a bad check or overdrawn the account and never paid it back.... lesson learned... and it won't be a hard pull on all three bureaus, just on chexsystem report


Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:621 EQ: 654 EX: 632
NFCU cashRewards:$500 CreditOne:$300 Merrick:$600 Milestone:$300 Cabelas:$1000 JCrew:$250 Overstock:$250 Express: $250 PaypalCredit:$1050
Contributor
Posts: 90
Registered: ‎12-20-2012
0

Re: Chexsystems?

Chexsystems keeps track of your bank accounts and checking.  Do not apply for bank account unless you are sure you will proceed with opening the account.  They list all enquiries for bank accounts.  If you have 3 enquiries in 90 days they flag you with "suspicious activity" and most banks will reject you.  I had this happen to me when when I applied for an account with Ally bank.  I decided against using them, then found I could not open an account with another bank as Ally had pulled my record 3 times!  Enquiries stay on for 3 years (from memory).  Also if you have ever written a bad check, failed to pay money owing to a bank etc. you will have a negative mark against you for (from memory) 5 years.



Starting Score: 2012-10-06 EX: SSN has not been allocated! (funny I pay my taxes)
Current Score: TU 08 - 787
Goal Score: 820+


Epic Contributor
Posts: 22,398
Registered: ‎01-17-2008
0

Re: Chexsystems?

It depends on the bank.  Even though you may be in Chexsystems it doesn't mean you can't get an account.

 

I applied at one and was denied, went to the other and was approved. 

 

Chexsystems TL come off in 5 years vs a normal CRA where it is 7 - 7.5.  You can also mend your account and pay a fee at the bank that entered the information to have it deleted from Chexsystems.

Community Leader
Epic Contributor
Posts: 27,051
Registered: ‎03-19-2007
0

Re: Chexsystems?

[ Edited ]

They are a CRA under the defintion set forth in the FCRA, and thus subject to all the requirements and provisions of the FCRA, including disputes.

 

However, they are very different from the Big 3 in procedure and content, and service a very limited customer base of primarily banks and financial institutions.

They usually receive reporting only of adverse into from banks, and choose to retain for only five years, so rarely if ever come upon a credit report exclusion period under the FCRA.

 

The requirement to provide a free credit report once every 12 months applies to them, but they did not join the Big 3 in securing agreement from the FTC to use annualcreditreport.com as their compliance mechanism, so you must contact them personally.  Similar to Innovis.

 

They obviously fulfill inquiries for their reports, but to the best of my knowledge, they dont license a scoring algorithm from Fair Isaac, and thus dont produce FICO scores based on their data.  It would not make sense to do so in view of the limited scope of their data.

Frequent Contributor
Posts: 463
Registered: ‎11-28-2012
0

Re: Chexsystems?


firstladyd wrote:
You can pull your report for free. Just Google it and request your report. Research them here first because they will ask you for info that they really don't need. Chexsystems keeps info on checks and bank accounts. If you have written a bad check or burned a bank or credit union in the last 5 years it be reported from them. They will give you your report but they mail it to you. Takes about 2 weeks. Just switched banks and pulled all reports ( ie chexsystems, lexisnexis, telecheck) to be sure I wouldn't be declined.

Like what? (Curious)

Start: Nov'12 EQ 699/EX 685/TU 696 / Current: April''14 EQ 715/EX 709/TU 709 * Goal 750+


Contributor
Posts: 90
Registered: ‎12-20-2012
0

Re: Chexsystems?

I remember when I requested a report from them that I twice went to double check I had the right site.  The website is very basic, like the first time someone has set up a website, it looks very suspicious, and they ask for a lot of information.  It has such an impression of a phishing site that I was ready to just cancel the whole thing.



Starting Score: 2012-10-06 EX: SSN has not been allocated! (funny I pay my taxes)
Current Score: TU 08 - 787
Goal Score: 820+


Epic Contributor
Posts: 22,398
Registered: ‎01-17-2008
0

Re: Chexsystems?

I had no problems with the site.  I think all I used was my SSN.  Got the report within a week.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.